When selling your home, here are common closing costs to keep in mind that will affect your net proceeds.
- The REALTOR® commission – typically a percentage of the sale price. The cost of a survey (if one is required).
- Title insurance.
- Any liens or judgments against the property that must be satisfied.
- Transfer taxes and recording fees – these are usually imposed by your city, county or state to transfer the title from one owner to another and to record the deed and satisfaction of your current mortgage.
- Prorated property taxes and homeowner’s association dues. You’re responsible for the current year’s taxes and fees up to the settlement date.
- The cost to pay off your current mortgage.
Be financially prepared for these and other closing costs that might arise. And if you have low equity in your home, keep in mind that you may need to bring cash to the closing table.
